• Industry: Financial Services, Insurance
  • Type: Business and industry issue
  • Date: 6/19/2014

An industry transforming: Insurers in a fast changing, digital world 

We have been exploring what the future might look like as the industry embraces digital technologies and starts to harness the full value of the vast amounts of data now available to it. While we are still in the process of conducting research on these topics, we wanted to share some of our preliminary findings with you.

“Over half of the respondents we surveyed predict that digital distribution and servicing will surpass traditional channels within the next 5 years – buckle up for a fast ride.”

Mary Trussell, Innovation and High Growth Markets Lead, KPMG in the UK

Within this report we provide a sneak peek into some of the initial results from our research. We also explore four topics essential for insurers as they continue to move into a business led, technology enabled world, including building a data culture, leveraging retailer data, capturing and analyzing data cheaply and augmenting data through telematics and machine to machine technology. These topics are taken from our Leading Insights article series providing unique opinions on emerging customer trends and channel developments in the Insurance sector.

Early results:

  • 69 percent said they have a digital strategy beyond a website. However, only 37 percent said their digital initiatives are fully aligned to their company’s strategic objectives.
  • 47 percent said developing innovative propositions to meet changing customer preferences is their greatest priority for the next 2-3 years.
  • 43 percent said the most important use of data and analytics is to improve top level decision making, yet 20 percent said the greatest barrier in implementing a strategy for data and analytics is management buy-in.
  • 82 percent said they will use digital technology to improve customer realtionships over the next 3 years, compared to 65 percent over the last three.

There is still time to participate in our online survey, it will just take 10 minutes to complete. All answers will be presented in aggregate. Complete the survey today.

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Transforming Insurance

Transforming Insurance
Transforming Insurance will focus on digital, data and analytics and the impact on the insurance industry.

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  • Complete our short survey – Impacts of digital on the Insurance Industry